Turbo Tax Home and Business 2007 in Depth Review

My husband and I own three small businesses in two different states, and I’ve used Turbo Tax Home ¬†amp; Business for over six years and absolutely love it. Our taxes can be a nightmare…there are receipts here and receipts there; money coming in and money going out, and it takes at least two days to gather everything together so I can input the financial records into Turbo Tax. And then, the easy part begins.

Turbo Tax is extremely self-explanatory as the Turbo Tax Home and Business Program asks questions as you click your mouse. It’s very similar to going to a tax counselor, but with Turbo Tax you get to do this in your own home. The questions that Turbo Tax asks are more in depth than going to a face to face meeting. You can also go back and answer the same question again in case you made a mistake or misjudged your deductions. For example, you misjudged your charitable contributions. Just go back into the program and change it with one click. This can be difficult to do if you’re paying a tax counselor for their services. With Turbo Tax, you don’t have to make a phone call to adjust this amount with the tax counselor, and you don’t have to start up your car and go to someone’s office. You can literally do your taxes in your pajamas, at four o’clock in the morning, or outside on your patio while you sit in your shorts and drink iced tea.

 

Turbo Tax also has the advantage that you can work on your taxes for a brief period of time, save them, and then work on them again in your leisure. You don’t have to do your taxes all at one time.

 

With Turbo Tax, you have the option of answering questions via the interview method or entering items directly on the tax forms. Turbo Tax will check your return for errors and also alert you to any kind of audit risks. I recommend the interview method because Turbo Tax asks every question imaginable about your deductions. If I realize that the answer I typed in was wrong after I’ve completed my taxes, this is when I directly type it into the form. It seems to be easier that way.

 

If you’re fortunate enough to have used Turbo Tax last year, Turbo Tax will transfer your personal information from last years return onto this years tax returns so you don’t have to re-enter it again. It will ask if you still own the same business, it will remember your deductions and compare them to this year’s deductions, and it will remember any tax write-offs you were not able to claim last year and add them to this year’s tax form. Turbo Tax will guide you through every imaginable expense.

 

If you own a small business, Turbo Tax will also help you prepare W-2s and 1099-MISC Forms.

 

Turbo Tax also finds the most profitable depreciation method for your business assets. For example, you’ve recently purchased an automobile for business. Is it more profitable to deduct the asset over a five-year depreciation period or is it more advantageous to use the mileage deduction? What depreciation period is allowed for this asset? Turbo Tax will tell you this and also compare both methods for the biggest deduction. This program can save you thousands of dollars just by these comparisions.

 

You also receive one free state download with Turbo Tax Home and Business.

 

After you’ve entered all your information in Turbo Tax, Turbo Tax will do a final review and find any errors or omissions and prompt you to fix them. It will also give you the option to either e-file or send your tax returns in through the mail.

 

As tax laws are sometimes changed after the beginning of the year, Turbo Tax will connect to the Internet and update your program. I usually do my taxes in January, but then do final reviews again in March to make sure that I have all the updated forms and everything is done correctly. All the updates are free and are painlessly and quickly downloaded though the Turbo Tax Software.

 

There’s also a free edition – Turbo Tax Free Edition for the 1040EZ Simple Return. It’s very simple and quick to use. For years, I’ve completed my son’s taxes in less than an hour. You also have the option of the refund directly deposited into your bank account (it takes as little as eight days to receive your refund) or a check in the mail. This free Turbo Tax can be downloaded here or here

I purchased my Turbo Tax Home and Business at Sams Club for $70.87. It’s less expensive at a warehouse store so you might want to give it a try.

I highly recommend Turbo Tax and will continue to use it every year.Turbo Tax Home and Business has also been helpful when there was a death in my family and an estate was involved. I had to file Schedule K because a home was sold at a loss. Turbo Tax remembered this deduction from last year and carried it over to this year, thus helping me not to miss this important deduction. This is an area where I would have needed a face to face meeting with a tax counselor (who understands Schedule K?), but Turbo Tax helped me through it.